It’s official, BTC is breaking down all barriers and progressing at a breakneck speed and the charts are testament. The cryptocurrency broke the $11K mark just 13 hours after breaching the $10K mark. This is a huge victory for the cryptocurrency which was in shambles during the crypto winter of last year.
According to market experts, what triggered this massive bitcoin buying frenzy is the colossal victory that BTC managed to bag by breaching the $10K mark. It’s roughly after 15 months that the crypto has achieved this feat, and it has catapulted the market into a buying overdrive, which is further boosting the price of the currency.
It is being speculated that the challenge for Bitcoin would be the getting past the resistance from $11,800 to $12,000. That is going to be a significant stage in Bitcoin’s trajectory in the market so far, because if BTC manages to breach the $12K mark, then there is no looking back. The crypto might be well on its way to surpassing its former heights of glory.
This year has been a dream run for BTC which was witnessing a period of severe slump during the crypto winter last year. It saw the last of cloudy skies back in December 2018 and since then, the sun has been smiling down on BTC. It has been a journey upwards for the crypto ever since.
A lot of market experts have also correlated this exponential growth rate of BTC with the inflow of stablecoins and Tether. With the steady rise in the pumping out of Altcoins, BTC price has been going up steadily. All that is left now is to wait and observe how far this price rise goes.